Stock Track | Nongfu Spring Shares Tumble on Lowered Estimates, Online Criticism

Stock Track07-24

Shares of Nongfu Spring Co. Ltd. plunged as much as 8.01% during intraday trading on Tuesday, as the company faced mounting pressure from online criticism and analysts lowered their future estimates for the beverage giant.

According to a research note from Jefferies, the investment bank expects Nongfu Spring to report a 6.8% increase in net profit for the first half of 2024, driven by a rise in sales. However, the firm lowered its revenue and earnings estimates for the company from 2024 to 2026, citing the impact of recent online criticism and sales pressure.

The online criticism mentioned by Jefferies relates to Nongfu Spring's competition with rival brand Wahaha and the nationality of the company's chairman's son. While sales gradually recovered in June, the negative publicity appears to have weighed on investor sentiment.

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